Business
MainStreet Bank provides Borrower Assistance
FAIRFAX, Va., May 20, 2020 /PRNewswire/ -- MainStreet Bank, a subsidiary of MainStreet Bancshares, Inc. (Nasdaq: MNSB) reported processing more than 1,000
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., May 20, 2020 /PRNewswire/ -- MainStreet Bank, a subsidiary of MainStreet Bancshares, Inc. (Nasdaq: MNSB) reported processing more than 1,000 Paycheck Protection Program (PPP) loans totaling $186 million. \n\n \n \n \n \n \n \n\n \nMainStreet Bank has also provided loan forbearance to 227 businesses and 183 consumers during the first phase of its program. The first phase was the borrower's choice of either two months of deferred principal and interest or three months of interest-only payments. \nDuring Phase 1 of the Bank's forbearance program, approximately 29% of investor-owned commercial real estate customers and 30% of owner-occupied commercial real estate customers have received forbearance to-date. Approximately 17% of our commercial and industrial (C&I) customers have also received forbearance. Our consumer car loan portfolio continues to perform well with only 4.5% of the customers requiring forbearance at this point.\n\"The MainStreet Team has been working extremely long hours in order to take care of our customers,\" said Chris Brockett, President of MainStreet Bancshares, Inc. and MainStreet Bank. \"We are now moving into our second phase of forbearance, which is a deeper dive into the specific needs of each our business customers. The consumer lending team also continues to work with customers to provide payment deferrals on an as-needed basis.\"\n\"Our goal is to do everything we can to ensure that our business and consumer customers endure during this pandemic crisis,\" says Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. \"The federal programs and regulatory easing that was quickly introduced has been extremely beneficial for small businesses and consumers during this pandemic.\"\nABOUT MAINSTREET BANK: MainStreet operates seven branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg, Clarendon and on 1130 Connecticut Avenue in Washington, D.C. \nMainStreet has 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office®. With robust and easy-to-use online business banking technology, MainStreet has \"put our bank\" in well over 1,000 businesses in the metropolitan area.\nMainStreet has a full complement of ...